American International Group Inc. Cuts Stock Holdings in Olin Co. (NYSE:OLN)

American International Group Inc. lowered its stake in shares of Olin Co. (NYSE:OLN) by 3.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 159,109 shares of the specialty chemicals company’s stock after selling 6,426 shares during the period. American International Group Inc.’s holdings in Olin were worth $9,356,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of OLN. Boston Partners raised its stake in Olin by 122.8% during the fourth quarter. Boston Partners now owns 5,029,377 shares of the specialty chemicals company’s stock worth $271,152,000 after purchasing an additional 2,772,274 shares during the period. Norges Bank purchased a new position in shares of Olin in the 4th quarter valued at $76,125,000. Balyasny Asset Management L.P. raised its stake in shares of Olin by 218.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,649,273 shares of the specialty chemicals company’s stock valued at $88,978,000 after acquiring an additional 1,131,674 shares during the period. Franklin Resources Inc. raised its stake in shares of Olin by 67.6% in the 4th quarter. Franklin Resources Inc. now owns 663,202 shares of the specialty chemicals company’s stock valued at $35,780,000 after acquiring an additional 267,460 shares during the period. Finally, Bank of Nova Scotia purchased a new position in shares of Olin in the 4th quarter valued at $12,628,000. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Stock Performance

Shares of NYSE:OLN traded up $1.29 during trading on Thursday, reaching $48.51. 659,471 shares of the company’s stock traded hands, compared to its average volume of 1,043,799. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.38 and a quick ratio of 0.80. Olin Co. has a 12 month low of $41.71 and a 12 month high of $60.60. The company has a 50 day moving average of $50.07 and a 200-day moving average of $52.81. The stock has a market capitalization of $5.79 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 0.35 and a beta of 1.44.

Olin (NYSE:OLN) last announced its quarterly earnings data on Friday, April 26th. The specialty chemicals company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.02. Olin had a net margin of 5.32% and a return on equity of 14.47%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. The company’s revenue for the quarter was down 11.3% compared to the same quarter last year. On average, equities analysts expect that Olin Co. will post 3.1 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on OLN shares. Piper Sandler raised their target price on shares of Olin from $72.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, April 29th. Bank of America dropped their price target on shares of Olin from $74.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Citigroup lifted their price target on shares of Olin from $63.00 to $67.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Barclays lifted their price target on shares of Olin from $57.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 4th. Finally, UBS Group dropped their price target on shares of Olin from $59.00 to $51.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Olin has an average rating of “Hold” and an average target price of $59.27.

Olin Company Profile

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.